Matthew Curry photo
Curry Financial Group Inc logo

Matthew J. Curry, CFP®, ChFC®, CLU®

Financial Planner

CA Insurance Lic. #4305463

 

Curry Financial Group, Inc.

23 Green Street, Suite 207

Huntington, NY 11743

 

Phone:  631-927-3322

Cell:       631-332-8774

Fax:        877-840-7821

 

Email: matt.curry@prudential.com

May/June 2025

The Work Opportunity Tax Credit Extended

The Work Opportunity Tax Credit Extended

Hiring people with significant barriers to entering the workforce could earn a tax credit for your business. The credit is for each qualifying hire and is available through the Work Opportunity Tax Credit (WOTC), which was extended through 2025.


Targeted Groups to Hire
The purpose of this program is to entice business owners to hire people from 10 target groups. You can usually obtain a list of potential applicants through your state workforce agency.


There is no limit to the number of new team members you can hire to qualify for the credit. However, there is a requirement that the new hires work a specified number of hours. Your tax professional can provide more information.


How to Qualify a Worker
Before claiming the credit, employers must apply for and receive a certification, verifying that the new hire is a targeted group member. This is done by completing IRS Form 8850 and a Federal Department of Labor Form 9061, which is then submitted to your state workforce agency. Keep in mind that both the potential new hire and the employer must sign these forms, and they should be forwarded to your state within 28 days of the employee's start date. If your new hire qualifies for the WOTC targeted group, you'll receive a certification from the state workforce agency.


Apply for the Credit
Once an employee is deemed qualified, you must submit an application for the credit to the IRS along with the business's or owner's tax return. The credit amount is based on the category of workers, the hours worked and wages paid to them in their first year. Most employers will then claim the WOTC as a general business credit against their income taxes.

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Matt Curry is a Financial Planner with, and offers securities and investment advisory services through LPL Enterprise (LPLE), a Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with Curry Financial Group, Inc.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Curry Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.